AS Tallinna Sadam (TSM1T) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw increased cargo volumes (+8%) and higher passenger numbers (+1.4%), with 8 new cruise vessel visits and a new cruise operator added.

• 9-month 2025 results benefited from higher passenger numbers, cargo volumes, and vessel calls, but revenue declined due to fewer charter days for the icebreaker Botnica and higher income tax expenses from 2025 changes.

• Revenue for Q3 2025 rose 1.5% year-over-year to €31.7M, while adjusted EBITDA grew 16.7% to €15.5M.

• Profit for Q3 2025 increased 54% year-over-year to €8.6M; 9M profit up 27% to €18.9M.

• Profitability was supported by land sales for Rail Baltica and insurance indemnity received in Q1.

Financial highlights

• Q3 2025 revenue: €31.7M (+1.5% YoY); 9M 2025 revenue: €89.5M (-1.4% YoY).

• Adjusted EBITDA margin for Q3 2025: 48.9% (up 6.3pp YoY); 9M margin: 50.6% (up 5.6pp YoY).

• Operating profit for Q3 2025: €9.6M (+32.4% YoY); 9M: €27.9M (+20.3% YoY).

• Net profit for 9M 2025: €18.9M (+27% YoY); EPS: €0.07 (up from €0.06).

• Investments in 9M 2025 totaled €20.8M, mainly for quay construction, ferry dry-docking, and IT projects, down 37.7% YoY.

Outlook and guidance

• Passenger business recovery expected to continue, with 10 cruise visits planned in Q4.

• Industrial park developments ongoing in Muuga and Paldiski, with new plots and permits issued.

• Focus on increasing efficiency and real estate business model preparation.

• Dividend policy targets at least 70% of prior year profit, subject to market and liquidity conditions.

• Passenger numbers are steadily recovering but remain below pre-pandemic levels.